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Backing Trades Thru Charts

  • #2,041
  • Jul 22, 2010 8:25am Jul 22, 2010 8:25am
Quoting forex_growth
Hey bro, I could be wrong and interpreting it incorrectly but this is what he said to me -

On bigger TF's (4H and up) I like to enter by the touch and retest for breaks. Since my trades are based mostly on TL's I assume a bounce at them using a tight SL.

So I'd presume that he would take it as a bounce, with tight SL and if it does happen to come back and break out his SL then thats a trade lost.... cant win them all!
Here's a short, sweet way to confirm a bounce:

Attached Image (click to enlarge)
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Every time you use 'hopium' in a post, God kills a kitten.
  • #2,042
  • Jul 22, 2010 8:27am Jul 22, 2010 8:27am
Quoting poca
Awesome recaps coke, did you enter off a touch of these trend lines.
It seems very aggressive for some but in reality I found out that using a thight SL (and smart MM too) near them one can profit very often from their bounces alone.
  • #2,043
  • Jul 22, 2010 8:29am Jul 22, 2010 8:29am
Quoting profxtrader
Here's a short, sweet way to confirm a bounce:

Attachment
Very nice chart, let me add that the rejection near TL's palys a very important role too.
  • #2,044
  • Jul 22, 2010 8:49am Jul 22, 2010 8:49am
Is it going up?
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  • #2,045
  • Jul 22, 2010 10:55am Jul 22, 2010 10:55am
Quoting TheLastCoke
Stopped out +40

Attachment
On my chart the daily setup still seems confirmed, no? and with a 4 hr pin, break would that support it?
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Dr. C
  • #2,046
  • Jul 22, 2010 4:00pm Jul 22, 2010 4:00pm
Short opportunity to lower Trendline. TLC any input?
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  • #2,047
  • Jul 22, 2010 4:53pm Jul 22, 2010 4:53pm
One of the recent GBPJPY trades as it's shaping up:

Attached Image (click to enlarge)
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And some more motivation for young traders:

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Every time you use 'hopium' in a post, God kills a kitten.
  • #2,048
  • Jul 22, 2010 6:02pm Jul 22, 2010 6:02pm
Quoting TheLastCoke
AUD/JPY Since it broke the yellow TL already I expect a bounce to the triangle UTL

Attachment
It went to T1 almost in a vertical line. +180. I'll wait to LO to reverse.

Attached Image (click to enlarge)
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  • #2,049
  • Jul 22, 2010 6:06pm Jul 22, 2010 6:06pm
Quoting Ace284
Short opportunity to lower Trendline. TLC any input?
I wouldn't short it. As TLC already posted no LL was made on the H4. In addition the next obvious resistance points for the JPY pairs are still a ways up. At the very least I think that they'll drag the AUDJPY beyond this TL and the only way I'd trade it is long upon a break and retest.
Every time you use 'hopium' in a post, God kills a kitten.
  • #2,050
  • Jul 22, 2010 6:17pm Jul 22, 2010 6:17pm
Quoting profxtrader
One of the recent GBPJPY trades as it's shaping up:

Attachment

And some more motivation for young traders:

Attachment
Out of curiosity, what made you go long at 75.74 for AUDJPY. The lower trendline was around 35 pips below that.
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  • #2,051
  • Jul 22, 2010 6:20pm Jul 22, 2010 6:20pm
Quoting profxtrader
And some more motivation for young traders:
That is a motivation for everybody!!!!
  • #2,052
  • Jul 22, 2010 6:22pm Jul 22, 2010 6:22pm
Quoting profxtrader
One of the recent GBPJPY trades as it's shaping up:

Attachment

And some more motivation for young traders:

Attachment
This Blows my mind.... This takes me 6 months to earn, while you can collect this, overnight?
Dr. C
  • #2,053
  • Jul 22, 2010 6:26pm Jul 22, 2010 6:26pm
Quoting Ace284
Out of curiosity, what made you go long at 75.74 for AUDJPY. The lower trendline was around 35 pips below that.
Confirmation... See the first post on this page.

Either that or a coin flip. I forget... it was early

EDIT: My LTL was almost a spot on bounce. I suppose that is what you're asking. Different broker... different pricing I suppose.
Every time you use 'hopium' in a post, God kills a kitten.
  • #2,054
  • Jul 22, 2010 6:35pm Jul 22, 2010 6:35pm
Quoting profxtrader
Either that or a coin flip.
So that's your secret


Quoting TheLastCoke
It went to T1 almost in a vertical line. +180. I'll wait to LO to reverse.

Attachment
What about you coke, your lower trendline was about 17 pips below. Where did you enter?
  • #2,055
  • Jul 22, 2010 6:45pm Jul 22, 2010 6:45pm
NZD/USD Is not the most beautiful Bat but it is acceptable. Not trading this by itself.

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  • #2,056
  • Jul 22, 2010 6:53pm Jul 22, 2010 6:53pm
Quoting TheLastCoke
It went to T1 almost in a vertical line. +180. I'll wait to LO to reverse.

Attachment
Hi Coke! I am new, so forgive my ignorance. What is 'LO'?
  • #2,057
  • Jul 22, 2010 6:55pm Jul 22, 2010 6:55pm
EUR/AUR This looks good. Major TL is broken, the next bump is the red level but if overcome it is a free fall to white one.

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BTW, I'm waiting for a retest
  • #2,058
  • Jul 22, 2010 8:03pm Jul 22, 2010 8:03pm
Quoting profxtrader
Here's a short, sweet way to confirm a bounce:

Attachment
sweet thanks bro! much appreciated - started reading that book you recommended too - its huge! LOL 1000+ pages... quite daunting actually - anything in there I should concentrate on? (encyclopedia of charts)

cheers
"Millionaires don't use astrology, billionaires do"
  • #2,059
  • Jul 22, 2010 8:11pm Jul 22, 2010 8:11pm
Quoting forex_growth
sweet thanks bro! much appreciated - started reading that book you recommended too - its huge! LOL 1000+ pages... quite daunting actually - anything in there I should concentrate on? (encyclopedia of charts)

cheers
It is not a typical book you read cover to cover. Keep it as a reference when you need to confirm a pattern.
  • #2,060
  • Jul 22, 2010 8:18pm Jul 22, 2010 8:18pm
Quoting TheLastCoke
It is not a typical book you read cover to cover. Keep it as a reference when you need to confirm a pattern.
thanks TLC but as a newbie... confirmation of certain patterns you need to know beforehand if you know what I mean.. are there maybe 5 or 10 things I should really concentrate pattern-wise in there? Or are there just too many to state this one is better or more common etc...
"Millionaires don't use astrology, billionaires do"
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